ZIM Integrated Shipping Services Ltd., a global container liner shipping company, announced today its consolidated results for the three and twelve months ended December 31, 2023.
Fourth Quarter and Full Year 2023 Highlights
- Net loss for the fourth quarter was $147 million (compared to a net profit of $417 million in the fourth quarter of 2022), or a diluted loss per share of $1.234 (compared to diluted earnings per share of $3.44 in the fourth quarter of 2022); net loss for the full year, including a $2.06 billion non-cash impairment loss, was $2.69 billion1 (compared to a net profit of $4.63 billion for the full year of 2022).
- Adjusted EBITDA for the fourth quarter was $190 million, a year-over-year decrease of 80%; Adjusted EBITDA for the full year was $1.05 billion, a year-over-year decrease of 86%.
- Operating loss (EBIT) for the fourth quarter was $54 million, compared to operating income of $585 million in the fourth quarter of 2022. Operating loss for the full year of 2023 was $2.51 billion (driven by a non-cash impairment loss of $2.06 billion recorded in the third quarter), compared to operating income of $6.14 billion for the full year of 2022.
- Adjusted EBIT loss for the fourth quarter was $49 million, compared to Adjusted EBIT of $585 million in the fourth quarter of 2022. Adjusted EBIT loss for the full year of 2023 was $422 million, compared to Adjusted EBIT of $6.15 billion for the full year of 2022.
- Revenues for the fourth quarter were $1.21 billion, a year-over-year decrease of 45%; revenues for the full year were $5.16 billion, a year-over-year decrease of 59%.
- Carried volume in the fourth quarter was 786 thousand TEUs, a year-over-year decrease of 4.6%; carried volume in the full year was 3,281 thousand TEUs, a year-over-year decrease of 2.9%.
- Average freight rate per TEU in the fourth quarter was $1,102, a year-over-year decrease of 48%; average freight rate per TEU in the full year was $1,203, a year-over-year decrease of 63%.
- Net leverage ratio2 of 2.2x at December 31, 2023, compared to 0.0x as of December 31, 2022; net debt2 of $2.3 billion, compared to net cash of $279 million as of December 31, 2022.
Eli Glickman, ZIM President & CEO, stated, "Against a backdrop of weakened market conditions, industry disruptions and operational challenges in 2023, ZIM's exceptional team of professionals remained resilient and intently focused on achieving operational excellence and delivering the highest level of care for our valued customers. At the same time, we made significant progress advancing our strategic transformation and are pleased to have already started to realize the favorable outcomes we projected."
For more information: 
Avner Shats
ZIM Integrated Shipping Services Ltd.
Tel.: +972-4-865-2520
Email: shats.avner@zim.com